State True or False with reason. New partner can bring capital in cash or kind. - Book Keeping and Accountancy

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MCQ

True or False

State True or False with reason.

A new partner can bring capital in cash or kind.

Options

True
False

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Solution

This statement is True.

As per the provision of partnership deed, when any person is admitted to the firm, he has to bring some amount as capital which can be in cash or in-kind of assets to get rights in the assets and definite share in the future profit of the firm.

Concept: Admission of a Partner

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Chapter 3: Reconstitution of Partnership (Admission of Partner) - Exercise 3 (Objective Type Questions) [Page 159]

Q 1. (C) 1.Q 1. (B) 10.Q 1. (C) 2.

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Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board

Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise 3 (Objective Type Questions) | Q 1. (C) 1. | Page 159

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Admission of a Partner

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State True or False with reason. New partner can bring capital in cash or kind. - Book Keeping and Accountancy

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State True or False with reason. New partner can bring capital in cash or kind. - Book Keeping and Accountancy

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Solution